There has been some selling insider activity on Ciena Corporation (NYSE:CIEN) recently. PRESIDENT, CEO Gary B. Smith disclosed the sale of 8,000 shares of CIEN stock. The shares sold for $25.87. The PRESIDENT, CEO now owns $17,810,822 of the stock according to the SEC filing. Jason Phipps, SVP Global Sales and Marketing disclosed the sale of 2,521 shares. The shares were sold on June 22nd for an average price of $25.60. Phipps now owns $905,549 of the stock per the Form 4 SEC filing.
Rick Hamilton, SVP, Software and Services sold $13,466 worth of shares at an average price of $25.60 on Thu the 22nd. The SVP, Software and Services now owns $908,570 of the stock as recorded in a recent Form 4 SEC filing.
Ciena Corporation, launched on November 2, 1992, is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and to deliver an array of services, relied upon by enterprise and consumer end users. The Company provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks. The Company operates in three segments: Networking Platforms; Software and Software-Related Services, and Global Services..
The following firms have also recently changed their position in CIEN. As of quarter end Clinton Group Inc had acquired a total of 75,863 shares growing its stake by 709.3%. The value of the investment in CIEN increased from $201,000 to $2,043,000 increasing 916.4% quarter to quarter. As of the end of the quarter Creative Planning had sold 3,927 shares trimming its holdings by 13.7%. The value of the investment in (CIEN) went from $676,000 to $618,000 a change of $58,000 quarter over quarter.
As of the end of the quarter Glaxis Capital Management, LLC had acquired a total of 20,000 shares growing its position 100.0%. The value in dollars went from $488,000 to $1,001,000 a change of 105.1% since the last quarter. As of the end of the quarter Capstone Asset Management Co had bought a total of 130 shares growing its holdings by 1.3%. The value of the investment in Ciena Corporation went from $245,000 to $262,000 a change of 6.9% for the reporting period.
On May 24 the company was downgraded from “Buy” to “Hold” in a report issued by Deutsche Bank. On May 22 the stock rating was upgraded to “Buy” from “Hold” in an announcement from Stifel Nicolaus.
On November 14, 2016 the stock rating was changed to a “Buy” according to a Deutsche Bank report a boost from the previous “Neutral” rating. On September 30 analysts at Stifel Nicolaus started covering the stock by announcing an initial rating of “Hold”.
On September 2, 2016 Morgan Stanley held the price objective at $23.00 but cut the company to Equal-weight from Overweight. On September 2 the company was downgraded from “Overweight” to “Equal-weight” with a current price target of $23.00 in a report from Morgan Stanley.
The company is trading up by 0.31 percent from yesterday’s close. Shares are trading at $25.98 a tad higher than $25.06, the stock’s 50 day moving average and which is marginally higher than the 200 day moving average of $24.24. The 50 day moving average went up $0.92 or +3.66% whereas the 200 day moving average was up $1.74 or +7.19%.
Ciena Corporation’s P/E ratio is 34.32 and the market value is 3.68B. As of the last earnings report the EPS was $0.76 and is projected to be $1.77 for the current year with 141,831,000 shares presently outstanding. Next quarter’s EPS is forecasted to be $0.57 and the next full year EPS is projected to be $2.06.